Coinbase co-founder Fred Ehrsam is using a separate investment vehicle, Primavera, to pursue control of three Venezuelan oil fields while separately exploring fintech and digital-payment opportunities in Caracas, according to Bloomberg and Reuters. The targeted assets are the Boca, Guico, and Guara blocks in the Orinoco Belt, currently operated by Brazilian driller Alvorada Heavy Industries and backed by Galapagos Capital.
Alvorada has invested roughly $30 million to restart inactive wells, but its contracts are now being reviewed by U.S. and Venezuelan authorities. That review creates a potential opening for Primavera: if the agreements are cancelled, Ehrsam's firm could compete for control as Venezuela reallocates energy projects. Reuters reported on Sept. 2 that Primavera was among companies expected to sign Venezuelan energy agreements as soon as that day, while Bloomberg reported on Sept. 1 that Ehrsam sought the three fields, citing unnamed people familiar with nonpublic talks. No transaction has been completed.
The move unfolds under a contested U.S.-backed restructuring. On Aug. 31, a White House fact sheet said interim Venezuelan authorities had granted North American Blue Energy Partners 100-year concessions covering 17 fields, including a 35% U.S. government equity stake, preferential purchase rights over production, and veto power over board appointments. The Associated Press reported analysts questioned whether acting President Delcy Rodríguez could grant such long-term rights, and noted the National Assembly had not approved the arrangement.
Ehrsam retains close crypto ties as a Coinbase director and Paradigm co-founder and senior advisor, but neither Coinbase nor Paradigm is identified as a bidder or participant. Notably, Coinbase restricts Venezuelan access under its sanctions-compliance framework, while Ehrsam is independently pursuing investments there. Banco de Venezuela said it hosted Ehrsam at a digital-finance event on May 13, where he discussed opportunities involving cryptocurrencies and the country's financial sector. Still, no blockchain, cryptocurrency, or digital-payments component has been established for the reported oil transaction.
